Definition of Tenth Amendment Letter of Credit

Tenth Amendment Letter of Credit means an irrevocable standby letter of credit in the face amount of $1,500,000 issued by Signature Bank for the benefit of PNC, in form and substance satisfactory to Agent in its Permitted Discretion.

Examples of Tenth Amendment Letter of Credit in a sentence

If Agent makes a drawing under the Tenth Amendment Letter of Credit, Agent shall apply all of the proceeds of the Tenth Amendment Letter of Credit to pay down the principal balance of the Revolving Advances.